Primary aluminium inventories mark first weekly rise in four months; A00 aluminium ingot price up by RMB80/t

After recording a continued decline over the months, the social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, have gained 14,000 tonnes from a week ago to stand at 1.042 million tonnes, as of Thursday, July 11, found Shanghai Metals Market.

The major markets that have witnessed the increase in aluminium inventories are Nanhai, Guangdong; Gongyi, Henan; Hangzhou, Zhejiang; Linyi, Shandong; and Tianjin. The inventories there have grown by 12,000 tonnes, 5,000 tonnes, 2,000 tonnes, and 1,000 tonnes respectively. Other markets like Wuxi, Jiangsu and Shanghai have witnessed a dip in inventories by 4,000 tonnes.

The below chart indicates the current status of primary aluminium inventories in more details:

Amidst the rise in primary aluminium inventories, the price of A00 aluminium ingot has neither shied away from registering a growth by RMB 80 per tonne to stand at RMB 13,800 per tonne, as of July 11, learned SMM. The average prices are expected to range between RMB 13,780 per tonne and RMB 13,820 per tonne, with spot contract to be traded at a discount and premium price of RMB 20 per tonne.

Among the major cities, Gongyi and Chongqing have witnessed the highest rise in A00 aluminium ingot price today from RMB 13,600 per tonne to RMB 13,690 per tonne and from RMB 13,740 per tonne to RMB 13,830 per tonne, followed by Hangzhou and Tianjin where the ingot price has increased from RMB 13,745 per tonne to RMB 13,830 per tonne and from RMB 13,710 per tonne to RMB 13,790 per tonne.